What Is an RV Loan?
An RV loan is a financial product designed to help finance the purchase of a recreational vehicle. RV loans are typically offered for motorhomes, fifth-wheels, travel trailers, pop-up campers, and even horse trailers in some instances.
Lenders may offer RV loans to a variety of borrowers; some RV owners live in their vehicles full-time while others only use them recreationally throughout the year. In order to find the right lender, you’ll need to decide how you plan to use your RV and choose a lender that accepts those types of borrowers.
How Are RV Loans and Car Loans Different?
While RV and car loans both provide financing for a wheeled purchase, there are many differences. For example, RV loans may include trailer-style vehicles that do not have their own engine, such as fifth-wheel trailers.
RV loans also allow for much larger loans; this…